Hope you have some money saved as I’m sure this is a trend that doesn’t affect just Californians.
Sacramento Bee: A growing proportion of Californian seniors are working full time, a sign that many have not saved enough for retirement, according to a Bee review of new census data. About 14.3 percent of Californians between 65 and 75 worked full-time, year-round in 2014, up from 7.5 percent in 2000.
As Baby Boomers become seniors, that translates into almost 440,000 senior citizens working full time last year in California, more than double the number from 2000.
A few things are likely behind the trend. First, the federal government has gradually raised the age when seniors can receive full Social Security benefits. It was 65 in 2000; it currently sits at 66; it will be 67 by the end of the next decade. (Even so, the number of Californians 67 and older working full-time has also doubled in the last 15 years.)
Economics likely plays a role. About 140,000 seniors working full-time earned $30,000 or less in 2014, the census figures show. And roughly 30 percent of U.S. households with members age 55 or older have zero retirement savings, according to a recent analysis by the U.S. Government Accountability Office.
Others simply choose to keep working. About 95,000 senior citizens in California worked full-time and earned $100,000 or more last year, census figures show.
The most common jobs for working seniors last year were business manager, CEO, administrative assistant, lawyer and retail sales clerk, the data show.
The state’s largest urban areas are driving the trend. Portions of the Los Angeles, San Francisco and San Diego metros have the highest concentration of seniors continuing to work full time. In the Sacramento region, the areas with the highest proportion of working seniors are Citrus Heights, western Roseville, and central Sacramento.